Agencies
NEW DELHI, Dec 23: The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with total annual income of up to Rs 50 lakh, for assessment year (AY) 2024-25.
Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February.
However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.
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